Next week, as many as ten large oil and gas companies will meet to discuss a new pledge to produce cleaner energy in an effort to tackle climate change. The move has been seen by many as a bid to negate criticisms from anti-fossil fuel movements across the world.
Several sources within the industry stated that this assembly of energy CEOs in Paris would lead to the companies involved “delivering secure energy with reduced greenhouse gas intensity”. The executives believed to be involved in this meeting are thought to be representing BG Group, Eni, Statoil, Repsol, Total and BP.
Campaigners have recently intensified pressure on investors to ditch their shares in companies involved in fossil fuels. This has led to the energy companies coming together to work towards an “ambitious and effective agreement” at the meeting in Paris.
The companies are expected to announce a series of new practices aimed at tackling global warming. These are thought to include a reduction in the flaring of methane gas which gives off large volumes of carbon dioxide. There are also plans to increase investment in the development of carbon capture technology, which may allow the burning of fossil fuels without any carbon emissions. It works by systematically catching any atmospheric pollution before it is released into the air and then burying it deep below the ground. However, attempts to introduce this technology have floundered around the world due to the large cost associated with it.
The chief executive of Total, Patrick Pouyanné, attended the Oil and Money conference this Wednesday stating:
“We are looking to have co-operation, for example, in research and development. [Carbon capture and storage] is one topic where we need to engage seriously … it’s one area where we could join forces, but there are other topics that we are discussing between us, so you will see more concrete proposals.”
There are no fossil fuel companies based in the United States taking part in this movement.